stock prices have gone the last few days, add a great deal of complexity and make it a very interesting day. >> so wait until we get past the -- >> maybe so. see how much down side you have from here. >> that it for us. stick around for the oracle earnings and the exclusive with john boehner. all in the second hour of the "closing bell." >> and it is 4:00 on wall street. do you know where your money is? welcome to the "closing bell." the bears ruled the day on the street. dow closingity worst day of the year. down 5% from highs and today we are looking at decline of 2 1/3 percent. mark set shy of the lowest levels of the afternoon. 370 point just about 15 minutes or so ago. the dow below 15,000. down 352 point on the session. all sectors down across the board today.

the s&p 500 losing 40 point on the nasdaq composite. sharp 78 point lower. hair cut on the nasdaq. we have complete coverage of this big two-day sell off. bob pisani, rick santelli, mike pento, brian reling and hedge heather hughs standing by. we the get to john once the numbers are out. see what they say about oracle and technology sector right now. first, let's break down the huge sell off with bob pisani. bob, what happened today? >> it wasn't just the feds. several factors moved the market to down side. let's show you the main three reasons i want to point out here. number two, china reducing liquidity. that hurt emerging markets as well as china. putting up s&p 500. normally it doesn't matter that much. a little after 2:00 p.m. eastern

time, 1600 on s&p drooping below that and markets with another leg down. that's a big options expiration point and of course tomorrow is the options expiration day. i think that was a factor. china a often a factor affecting our markets. china the philippines thailand, india, mexico, doesn't really matter. 4, 5, 6, 7, 8% declines there. money overseas in the united states, dollar rising and playing havoc with commodities. in addition to three factors i mentioned, margin calls on people who hold gold may also be a factor as well here. you see base medals like copper and zinc to the down side commodity stocks rough this week and rough today in particular. some down 3, 4, 5%. i'm talking three point, and you see all of them down more than 3%. how about sectors? bottom line is that it is simple. everything down today. doesn't matter if you are a

defensive name. or more aggressive name growth name like energy or consumer discretionary also close to 3%. it did matter where you are today. everything dropped. how about the s&p 500. i want to point out and some th is something everyone wands it bear in mind. highs roughly one month ago, maria remember, 12% up for the year still on the s&p 500. still very respective showing for the year. back to you. >> thank you so much bob pisani. oracle numbers are out. want it get those earnings right now. john, over to you. >> bit of news here. maybe a little light of expectation at 11 billion. wall street looking for 11.1. eps in lin at 87 cents. software license revenue, little strong at 4.4 billion. street is looking for around 4.22 billion and hardware. this is an area where oracle had been disappointing. street wanted 789 million.

oracle turning 849 million. little bit of an upsize surprise there. performer operating margins around 51%. that's near where the street wanted around 51.5. $12 billion buy back announced and interesting, oracle saying they will switch listing from the nasdaq to the nyse. we can see the stock down a little bit after hours. but guidance is on the call. guidance will be key. bewere expecting a strong quarter because q 4, this is oracle q 4. when sales come in, i think some folks were hoping for higher line venue. we will hear how they are feeling about this environment throughout. expect some pretty exciting after hours action, maria. >> thank you so much, john. straight back to the stunning market activity. with me is cynthia, michael penta, brian reling, and heather hughs and our own rick santerry.

keith blish back with us as well. thanks for joining in. quite a day. not necessarily unexpected, however. cynthia, what do you do now? >> i think we just rip the band-aid off in terms of rate. i think we are at levels where we have hit before. that we think we could retrace from here. i think there is opportunity in the yielding names that have dividend growth. we have over 10,000 maine americans retiring each and everyday over the next 19 years. i like the names with higher dividend yield. and the opportunity to grow it. i think those are the types of names that that do well as we go from here. >> are you hearing from client that they are nervous they are throwing in the towel? what conviction do you see? >> we have seen that through the bond fund and redemption. the good news i see is that they are just sitting on side lines waiting in cash. so i think that they are looking for signals to feel more

comfortable to be able to go in, looking at those opportunities. and they just, you know, really are anxious about higher interest rates. but i think we ripped the band aid off one and normal eyesed a lot of what is coming at us already. >> you know what i think is interesting, pointed out to me in an e-mail wrb maria, we've had 5% three times. basically what we are seeing the last couple of months is nervousness by 5% declines, corrections, only to be met with buyers. here we are again, down 5% from highs. is this met from buyers? >> i think so. i think we are way over done here. the sun pressure might continue longer. but i think the market misreading the fed tapering a bit. and any tapering i think will be symbolic. we have inflation high and i don't think to the economy is quite making it out what the fed is meant to be. i think we will see a bounce

back here. >> would you say you want to buy here or wait and see if things settle out in more after wash-out? >> i would start to get money involved here. even during the run-up waiting for an opportunity to get into the market. here is an opportunity. you don't have to put everything in but it is time to move some money back into the market, cheaper valuations here. >> michael pento, how do you see it? >> first of all, mr. bernanke is a very confused man. he launched qe4 in january. january of this year. not only six months later, not even six months later, he lowers his growth forecast, takes down dramatically, his inflation outlook, and then for the first time ever, outlines a time line where he's going to get out of his quantitative easing strategy. so he surprised a lot of people on wall street and i got news for mr. bernanke. he does not control long-term

interest rates and he has this economy 100% addicted to his credit creation and the acid bubbles he recreated. if we are in for a lot of trouble. i'm selling stocks here and shorting stocks here. we are nowhere near the level of interest rates that they will go to if he is really going to wipe out qe. i think 3.5, 4% on ten-year and that's just for starters. >> what kind of a market activity are you expecting? you want to short this market, sell stocks? how much damage further from here -- >> a lot of people say, i got my mortgage -- when i first got my mortgage in the 80s, it was 12%. s&p was 660 not too long ago. if the s&p lost 6 of 00 points, guess we shouldn't care. you can't look in the past.

look at the level of the crease from where it was. >> clearly, this is the greatest monetary experiment in history. in terms of coordinated global effort on the parts of the banks to devalue currency. that's what we are doing right now. . >> so what do you do, heather? what are you telling them these days? >> huge outflows in the bond markets last year. 13.5 billion total in mutual fund longer duration bond space. but you and i about the fact that 7% pull back last month. vol volatility, vix continuing to rise through the summer. investors should know that that's okay. we need to digest this macro event of the fed ataper? >> how much is the recovery in the housing market predicated on

all of these lower interest rates? >> i think a big part of it was, but i don't think you can ignore the fact that corporate america is in the -- >> why? because we have levitated the consumption bubble. >> we have to pay allot of of attention. >> what was the economic data? the strong piece of economic data that came out that sent yields raising so dramatically. >> unemployment. >> unemployment ticked up. >> but in the last couple of months, we have seen unemployment improve. >> there are fwo two sides.

she's right, fundamentals. 15 going forward is historically cheap. i see your point, unemployment may be a fiscal problem, an monetary problem again. but that looks weak as well as gdp. as far as fundamental standpoint, maria may be right that there could be something there as well. >> rick santelli, jump in here. we still don't know if the plan gets pushed out if the economic data worsens from here. >> i don't quite look at it that way, but i think you are on the right track maria. i don't think at it whether the fed is orchestrating this or not. there will be a time where the experiment ends up challenging the person experimenting on it. i think michael pento scratched

the most important surface to pay attention to. roc, rate of change. doesn't matter what the rates were in the past. doesn't matter about anything in the past. only matters that corporate america's earnings, profits, all predicated on an equal footing, and no matter if they are historically low or not, doesn't matter. they've add massive rate of change, has toing structured in to the structures out there. it makes the adjustment pour outsized. i this i what we will start talking more about isn't had fed though 3.4 trillion are 3.4 trillion reasons to be important. ism, jobs, employment, look at the world, fundment yals and try to figure out how this rate of change and value of stocks and value of money will play out to come up with a new equilibrium. >> the total debt in the

economy, all time record $54 trillion. we are at 350% debt gdp. same level when the debt started in 2007. . interest rate normalization. it will reveal the insolvent condition of the consumer and of this government. >> yeah. true that -- >> i don't think they will jeopardizes all of the work and investment they made in the economy at this point to throw it all out now. >> when the economic data turns well south, changing his minding with right now worried about his legacy. he want to ta start taking away his stimulus. that makes me concerned. >> i'm happy. i'm happy about it but concerned as money manager. >> i spoke to john boehner earlier today. he too talked about this, that this economy is and we need a catalyst on the physical side to

get things moving again. does that match up with valuations that we are seeing in the stock market? we have seen this 4.5% decline from highs. >> absolutely. we look on more short-term trading basis in what we do with inside the company. right now the mark set very overdone for what we have seen. there is a knee jerk reaction. i think this is carefully orchestrated. bernanke had his own exuberance moment right after the s&p made an all-time high. i think it is healthy that markets pull back here. they were getting concerned about pull backs. including in equity markets. we know that a lot hasn't madity way into the real economy. began into markets and other places around the globe. once we see the pull back we see what is happening in the mac et as well as emerging markets.

expect a bumpy right as we come out of this, it was a bumpy ride going in. >> how do i allocate when the rally was 300 points today, 200 yesterday. >> i would listen to other panelist. there are remarkable trading opportunities. if we move 5% in a couple of days, you can get in here and buy these dips. we see one right now. we are very oversold. i would like the opportunities. we are close to 1579 which is the ultimate low in quantitative work that we have. i would put on a position right here. all of the market internals point to rebound on this regardless of what your long-term fundamental view is. regardless of whether you think it is going down hill. right now there is a very good trading opportunity.

>> michael, what do you think about that? you are telling us you want short stocks. the mark set going longer and you hear what bryan is saying. he is looking at this as an opportunity. >> looking at gold, metals, and interest rate normalization. i wrote a book about this. when the federal reserve takes their thumb off of interest rates and bond prices crash and rates rise, that process going to be extremely painful. i think it is much more painful than the federal reserve can imagine but they will find out. >> maria what i hear about commodities going lower, if f oils go lower, that's like a tax cut for u.s. consumer. >> in 2008 oil went down to 33

in 2008. are you saying that is a tax cut for the consumer? >> stimulated a lot of spending for the cop assumer and capability there. i think about the rails and how much their costs are coming down. i think that's a plus as we good forward. interest rates going up are good for the life coast. >> let's look at duration. in short term, deflationary isn't heap think for everybody. i really hope ben bernanke has the integrity to follow through on his threat. >> all right. >> i can't wait until we are finally trading on fundamental versus liquidity market. >> that's what michael is talking about. >> thank you. we will continue watching the market. a tough day on wall street today. before you run screaming a your cash, you have to listen to next segment. don't miss my interview with the speaker of the house, john

boehner. wait until you hear his take on the massive sell-off. plus, what he thinks about ben bernanke and the fed. that coming up on the "closing bell." (announcer) scottrade knows our clients trade and invest their own way. with scottrade's smart text, i can quickly understand my charts, and spend more time trading. their quick trade bar lets my account follow me online so i can react in real-time. plus, my local scottrade office is there to help. because they know i don't trade like everybody. i trade like me. i'm with scottrade. (announcer) scottrade. voted "best investment services company." [ engine revs ] ♪ [ male announcer ] just when you thought you had experienced performance, a new ride comes along and changes everything.

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welcome back. stocks slammed again today. dow down 353 point on top of yesterday's big sell off. let's get to josh lipton running through the big losers on the session. josh? >> a lot of red on the screen today. which sectors got hit the hardest in s&p consumer staples got nailed. kroeger, supermarket operator. better than expected first quarter profit but total sales missed consensus in that consensus, avon and dean foods falling. marathon petroleum, wpx and phillips lower in today's trade. least bad sector by wait is telecom and help tlougt is sprint which is actually lean and green. sprint raising its offer for clear wire. and also talk about the home builders, hgx, housing sector index. below its 200 day moving average

for first time since december 2011. dr horton and ryland in that sector. and also today, precious metals, gox, hitting lowest level in more than four years. down some 50% this year. names all sharply lower. back to you. >> thank you so much. >> breaking news on oracle. bob pisani with the details. interesting story, bob. >> oracle is coming to the new york stock exchange. >> i think it is interesting. normally i don't make a big deal about the battles. but actually folks this is a pretty big win for the new york stock exchange. this is one of the iconic companies listed over at the nasdaq. one of the biggest market cap tech companies out there as well. here is a good question. i have not been able to get a hold of officials at the nyc or nasdaq but i can speculate. why would you switch at this point between the two different exchanges? one possibility may be a

customer relationship. ice, remember is merging with the new york stock exchange. maybe they are a customer, maybe something going on there. a commercial even maybe software commercials. i know, you say, oh, that's not the way relationships work. excuse me? it is. remember juniper? and the new york stock exchange, guess what is in there in juniper hardware. let's not be on the run with speculation. finally, maria be with remember the facebook card. i'm quite sure that the new york stock exchange has been playing this card for a long, long time making arguments that things are better over here. who knows if that is the actual case. everybody has mess-ups in technology but i'm sure that's being used right now. right new a pretty nice win for the new york stock exchange. i think so far in terms of bringing companies through the nyse versus losing them to nasdaq, nyse is ahead this year.

maria, back to you. >> oracle listing on the new york stock exchange -- >> it should be fairly soon. i don't have an exact date for you but i can check upstairs. you can get a hold of anybody at the ny -- >> i think the facebook debacle did have something do with it. great analysis as always. thank you, bob. we will watch the oracle move into the stock exchange. so what about the opportunity to get cash into the side lines and put it into the market at bet are prices? thalt the question we are asking tonight. dan greenhouse with with me. and peter let me start with you. are you buying this dip? >> maria right now, i think it is a great time. we like to use options. right now we will put puts on our portfolio. we have cash. we were raising it on the way up. for us, if we can get the names at the right price, premiums look good. premiums justify options market. yes, we like to pick up. >> today or do you think there's

further selling to go before you get back in in. >> no, there is going to be more selling. we've got the rest of the options and big imbalance in the market. and customers getting their june statement. for the first time they see losses in categories this haven't seen in a long time. so there is more blood in the water and we see more money on the sell side come the first part of july. that's when we will use options. pick our price points and sit back and let the carnage ensue. >> that's the reason to use optionor stocks. you think wove got more selling to come in july. because of those statements coming in. we have $37 billion of outflow on bond funds of etfs in june alone. >> all of the defensive industries. rates have been hit for several weeks now. commodities base has been decimated since mid by through the first quarter. going on for a while. >> yeah. how about emerging markets.

that's another one. >> listen, we've add number of sell offs during the entire expansion. this is the sixth one i believe. somewhere around 6% off the peak, we have corrected some of the multiple expansion. what you are doing when interest rates normally spike is you're course correcting. our position has been that you probably see this. we're definitely a m or two later than we thought but i don't think there is reason to fear sustainable and meaningful move lower in equities. purely because the federal reserve will buy $65 billion worth of bonds instead of 85 million. >> what about the idea that the economy is not so great shakes. if the federal reserve starts walking away now, perhaps the economy is not ready to see that stimulus leave? is that part of this jupset and

worry? >> in terms of the federal reserve leaving, here's not leaving. they will buy 65 instead of 75 or 75 instead of 85. the federal funds rate going up is zero. no risk whatsoever. now i'm not saying anything about repricing of the bond market because of forward expectations but in terms of the federal funds rate going up or fed tightening it is absolutely unequivocally not a risk. >> it is interesting we make a big deal about this. we knew we would see at some point the fed talk about tapering down. talk about the end of the stimulus. they were pretty specific yesterday. i guess that's the concern. if the data comes in the way it has been coming in, we begin tapering later on in the year and end out of the bond buying business by next year this time. >> yes, they have been. and they have been very clear on

that. anyone has to be foolish to think it would good on indefinitely. that is the big concern was that it is a blund blunt instrument. so we are exporting this into the emerging markets causing pain there. it was losing its effectiveness. so to the extent that anyone would was paying attention knew this today wined down, i this i it was the firm tone. i think people expected that the punch bowl was going to stick around and that they buckle. but as i think is mentioned in an earlier segment, they look serious this time and they are telegraphing that. i think the chairman want to protect his legacy and that's the way they do it. >> thank you very much. we appreciate your time. see you soon. special coverage of today's sell off continues. two traders will weigh in on whether this is the perfect chance it buy in on the debt. and blaming ben bernanke on overheating the market. >> you tell investors they only have one place to go, and that's to the equity market.

we all knew this day was going to come. >> my exclusive interview with john boehner about fed policy in the market. and after "closing bell," stay right here as indepth coverage continues. we'll be right back. you're watching the "closing bell" on cnbc. and for the last four summers, coca-cola has asked america to choose its favorite park through our coca-cola parks contest. winning parks can receive a grant of up to $100,000. part of our goal to inspire more than three million people to rediscover the joy of being active this summer. see the difference all of us can make... together. it's easy to follow the progress you're making toward all your financial goals. a quick glance, and you can see if you're on track. when the conversation turns to knowing where you stand, turn to us. wells fargo advisors.

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today's mess of a market. good to see you guys p. thanks for joining us. how was it today? >> a lot of people would look at it and say it was a devastating day. by no stretch was it. it was a little panicky. >> worst sell off i have ever seen. >> but buyers taking advantage of sellers. they felt the nervousness. they say, i want to know how nervous you are. and sells kept coming to them. >> you said on balance you were -- >> a net buyer. >> a net buyer today. so you saw the buy on the day. >> absolutely. buy on the dip or just buy on weakness. we are not sure it is over yet. but in fact taking advantage of what they have been waiting for. as the market ran up, people got frustrateed. they take advantage because this is what they have been waiting for it. >> how do you see it. >> absolutely. i think the mark set going through a correction. best case scenario, a rolling

correction. we saw money come out as of may 22nd from that. because of the verbal tapering we've got from ben bernanke. that opportunity selling in the bond market. you saw withdraws as you mentioned earlier, from bond fund. bond fund in equity, by the way. like utilities have seen the 10% correction. if you got your money out of bond fund, now is time to shop for equities. take a look the at stocks that have gone through the collection. now is the time to put money to work. >> i'm saying, okay, we are down almost 5% from highs. is that the correction and is this the moment i get in, like you're saying? or is there another 5% to come? >> yes. as pete are lynch said, buy what you know and save money when it gets claeper. cheap er /* /-. >> don't jump in all at once. don't take the whole wad of money. use it as it happens. >> with the market down 353,

what does this tell you about tomorrow's open? >> ben bernanke was the spark. i think the other more importantly, if i put a percent ang on it,. china is the most important economy if the world right now. it satisfied the rest of the world from going into depression and that's why we saw the market sell off the way we did. we got piled on with greece in the late part of the day. so we had some other factors other than our own fed and the fact that fed is saying you know what, our economy is okay, therefore it is probably a wise idea to be buying equity. >> but one of those days where the tone was negative to begin with. right from this morning. >> on top of yet. >> you don't just add it to the momentum on the down side. >> numbers should rocket nothing. >> but they didn't. that shows you the nervousness.

late in date, bloomberg kaks t came out with a survey. they said come september we would have 65 billion. that gave the impression that the headline. and it wasn't. it was a an opinion. so people got nervous and boom, down again. >> how much of this is an excuse to sell because people are afraid the market is getting ahead of itself. >> it's been a hard trade to stand in front of. the fact of the matter, if you need an excuse, today is the excuse for the correction. people that need the hard line in the sand from ben bernanke that we are going to taper by the end of the year, that was their signal to sell. whatever it was a correction nonetheless. whatever the reason was, it is still a correction. >> but the news is really no different than we have heard. yesterday he hedged himself both ways. we could take our foot off the gas or increase it if we need it. he has said the same thing. tone is i think people are coming to the realization that

party will be over pretty soon. whether september, whether december. >> if you believe what they is all say, that economy is starting to improve, and i think it is, although slower. >> i'm glad you brought up china. these emerging markets. whoa. what is with the eerjmerging markets and how much is this a factor? >> china has been the single most important driver of commodities across the brd. you saw money start flee the board. >> take a look at china be dr. copper, the savior, however. the game of copper was buy it no matter what price. put it in a warehouse and the day of or day after that, you

sell it for more money. that trade fell apart. if exploded today. that's exactly what hp happened. >> should we be focused on the emerging markets going into tomorrow? >> look at the miners p. they were crushed. >> crushed. >> i won't take a fundamental stock. is that a function of money flows in the etf market if you will, coming out of that trade? is there a company you recognize that would have sold 10% today? >> which then provide the opportunity for long-term investors. >> right. >> you don't run away from them, right? >> right. this is the reason so many people are so focused on keeping cash. they are afraid of something like this. but you've got to have a sell-off like this. >> look at the oracle of omaha. stepping in with the throws of what we thought was the great financial crisis. four or five years ago on this

trading floor, what some of the great stocks in the back for the $6 a share, for ge, giving it away -- >> that's an extreme situation. don't give anyone the impression that's what is happening. that's not what is happening. >> great conversation, gentlemen. thanks so you much. thank you, ben, thank you, kenny. blaming the fed's $85 million a day bond baying program for the market melt down. 85 million a month. >> i'm concerned about the quantitative easing. you can't continue with virtually zero interest rates for a long time. >> my exclusive interview with john boehner. don't touch that remote. back in a moment. with scottrade's online banking, i get one view of my bank and brokerage accounts with one login... to easily move my money when i need to. plus, when i call my local scottrade office, i can talk to someone who knows how i trade.

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welcome back tp today's dramatic market sell off sends reverberations from wall street to capitol hill. john boehner spoke to the association of manufacturers as manufacturers are bleeding red, addressing a wide range of issuis. i spoke to him and asked him what he thought was going on with the market today. >> the sell-off is in large part

due to the policies we have had coming out of the federal reserve. you can't continue to deflate our money and deflate it and deflate it, have the equity markets go up. without some change. now, bernanke made it clear, he is doing his policies in the absence of the government doing its part. to help improve the economy. that's why democrats and republicans on capitol hill, and the president, need to deal with a fix our tax code to help promote more economic growth and deal with long-term spending problems. we have spent more money than what we brought in for 55 of the last 60 years. that ought to scare the hell out of every american. we need deal with this problem openly and honestly. because if we do, investors around the country, business owners will look up and good, gee, they are actually dealing with the issues that i'm most concerned about. then i'll begin to invest. >> but how likely is that over

the next year? bernanke made it clear yesterday that if the data continues as it is, then they could be out of the bond buying business by next year this time. that bun year. will we see fiscal policy in terms of tax reform. in terms of regulatory clarity. will we see that in the next 12 months? >> hope springs eternal in my heart. while we have big differents on what tax reforms might look like, what entooip title /* entitlement reform might look like. we want to create jobs, then we have to deal with the issues affecting them. republicans, we have our jobs plan. we've had it now for literally the last three or four years. we updated this effort. it is our number one focus here. while we've got other obligations under the constitution to provide oversight in the executive branch we are trying to stay focused on those things that

improve the economy, help people's wage increase and have more jobs available. >> ben bernanke talked about this and this week the president all but said ben bernanke is out. hinted that ben bernanke has been in the job longer than he should be. do you agree? do you want to see benedict x k bernanke reconfirmed or not? >> well, i won't ants that. this kwaunt f quantitative easing is over the top and puts us in very dane jurier totogero. i understand the inflation and deflation but you can't continue to debase the currency long-term. it is just an healthy thing. >> and he suggested he would be

out of qe if things go as planned over the next year. is that appropriate at this point? >> again, i've been concerned about disquantitative easing. you can't continue with virtually zero interest rates for a long time. you're telling investors you only have one place to go. and that's to the equity market. we all knew this day was going to come. when he was going to start to back up a little bit. better now than later. >> which is really surprising that the market would react this way? because we knew it was coming. >> well, everybody knew it was coming. but nobody knew when it was coming and still don't know when it is coming. >> join me for part two. we have a lot more with speaker boehner p but we will bring you the rest of my interview with john boehner right here the same time on "closing bell." join me for the other important topics we discussed as far as the debt ceiling debate and a lot more tomorrow on "closing bell." after today's sell-off, what

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so you can capture sudyour receipts, ink for donall business purchases. and manage them online with jot, the latest app from ink. so you can spend less time doing paperwork. and more time doing paperwork. ink from chase. so you can. welcome back. bull's really taking a licking on wall street today. look at those numbers down 2 1/3% on the dow. bob what are they saying about the sell-off and more importantly what happens tomorrow? >> little more complicated tomorrow because it is a kwau drup ill witching expiration.

this is the quarterly expirat n expirationes of options and futures. all options expire at the open pl that will create volatility at the open and after that i think traders are hoping for a nice quiet day, relatively. >> so volatility at the open? >> yeah. a lot will depend on what happens overnight in the markets. if it gets more turmoil again overseas, we could have a more volatile open at this point. a couple things, we've had two 90 sers down side days. 90% of stocks for the down side. it is fairly rare to get 90% down side day, to get two back to back, that a pretty negative tech neck al ind kiter. it indicates the market is certainly oversold on a short term basis. but when you get back it back, there are a lot of disputes about about whether that means buy or back off. so there are is lot of people here towards the close out

buying puts here short term. there's the vix. i was surprised yesterday. i said what happened, it didn't move at all.yesterday. i said what's going on with the vix. it didn't move at all. today we saw real fear in the market. i think that will help put a little bit of a short term floor on the markets. >> a billion shares traded here alone. does it bother you that we're seeing the participation on the downside that when you have a down day the volume is so strong? >> there was clear elements of panic selling today. we saw it overseas markets for sure. i've seen it in exchange traded furnished. >> how about the emerging markets, unbelievable. >> i think the problem with these kinds of markets like emerging markets is they're volatile by nature. they routinely swing 25% in a year typically. we're down 15% in some of these emerging markets funds in the

last six weeks. people are going to have to decide can you stomach that volatility or simply decide that you want to get out. i can't make that decision but point out this is the way it is in emerging markets. that has happened many times in the last several years. >> the growth story changed in a lot of these countries. it was strong and now it's coming down significantly. >> if you think long term you need five to ten percent then there's no reason to particularly panic. >> that implies to the u.s. and emerging markets as well. thanks so much bob. what can make wall street's pain go away tomorrow? our pros weigh in next on what to prepare for. stay with us. with the spark miles card from capital one,

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>> welcome back. tough day on wall street. the dow plunked more than 350 points today, the worst decline of the year. what does tomorrow bring. 30 seconds on the clock for each of our next guests, what we should be watching for. barry james. david molnar. barry you're up first. how do you prepare for tomorrow? >> quadruple witching. people are going to start off

really, really nervous and by the end of the day they'll be in the box with the snakes and very calm. folks are going to be concerned about the whole weekend with china and syria and greece plus there wasn't anyplace to hide today. they're going to be scrambling to make sense of things. in the end people will calm down, take a deep breath and won't panic. >> david what's on your mind for tomorrow? >> thanks maria. with this week's fed driven market taper tran interim, we're going to watch the market tomorrow. this is taking a toll on bond investors and affecting the stock market, particularly sectors like reits or utilities. it's unlikely that inflakes or economic growth supports tapering. if you are an investor out there with a stock heavy portfolio we

would advocate taking profits and rebalancing back to bonds. >> thank you very much. we'll take a short break and in another massive selloff on good news? my final thoughts next. stay with us. before a credit solution was used to expand their business... before trusts were created for their grandkids' educations... they chose a partner to help manage their wealth... one whose insights, solutions, and approach have been relied on for over 200 years. that's the value of trusted connections. that's u.s. trust.

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>> finally tonight observation on this tough day on wall street. am i surprised? not at all. does it matter? only for short term traders or people who knee jerk panic sell. this is a short term knee-jerk reaction to the federal reserve making it official. we knew it would happen but now it's official which by the way is not new information. the damage today was wide and deep. the dow had its worst drop since december 2012. the nasdaq with its worst decline since april 15, 2013. the market was negative today for everyone's stock going up, 19 stocks moved lower. all ten s&p sectors down. 96% of the s&p stocks lower. when you look at this market from the highs we have seen a bit of a correction, about five

percent. that isn't a bad thing. many on this program predicted this like larry fink, but he also remains a bull long term. we've been here before with past five percent declines being met with buyers before. is this a buying opportunity. traders want to see a washout before getting back in. hard to tell which way this. the stork market is where yield is. thanks for being with me. i will see you tomorrow. fast money begins right now. stay with us. >> live from the nasdaq market site in new york city's time square. i'm melissa lee. let's get straight to the big story. a blip or something bigger. we saw the biggest selloff of 2013 today. the dow closing down 354 points. the ten year yield hitting a 22-month high. the gold tumbling to a two and a halfea